DWC: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
DWC
Largest movements
- Receivables within one year +€103,807
up €103,807 (+847.9%), from €12,243 to €116,050
of which Trade receivables: +€105,765
- Tangible fixed assets +€92,757
up €92,757 (+12.6%), from €738,936 to €831,692
- Debts after one year +€127,446
up €127,446 (+23.3%), from €546,603 to €674,050
of which Other amounts payable: +€65,000
- Reserves +€35,105
up €35,105 (+22.0%), from €159,545 to €194,650
- Other debts +€30,000
new in 2025: €30,000
- Tax, wage and social debts -€23,814
down €23,814 (-56.9%), from €41,818 to €18,004
of which Taxes: -€23,814
- Trade debts +€15,888
new in 2025: €15,888
- Gross operating margin +€53,938
up €53,938 (+66.2%), from €81,504 to €135,442
- Depreciation +€14,151
up €14,151 (+76.9%), from €18,396 to €32,547
- Taxes +€1,923
up €1,923 (+15.8%), from €12,163 to €14,086
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €920,783 | €1,108,535 | +€187,752 | +20.4% |
| Fixed assets | 21/28 | €738,936 | €831,692 | +€92,757 | +12.6% |
| Tangible fixed assets | 22/27 | €738,936 | €831,692 | +€92,757 | +12.6% |
| Land and buildings | 22 | €738,936 | €831,692 | +€92,757 | +12.6% |
| Current assets | 29/58 | €181,847 | €276,843 | +€94,996 | +52.2% |
| Amounts receivable after more than one year | 29 | €151,384 | €149,309 | -€2,075 | -1.4% |
| Other amounts receivable | 291 | €151,384 | €149,309 | -€2,075 | -1.4% |
| Amounts receivable within one year | 40/41 | €12,243 | €116,050 | +€103,807 | +847.9% |
| Trade receivables | 40 | €10,285 | €116,050 | +€105,765 | +1028.3% |
| Other amounts receivable | 41 | €1,958 | - | -€1,958 | |
| Cash at bank and in hand | 54/58 | €11,074 | €4,496 | -€6,577 | -59.4% |
| Deferred charges and accrued income | 490/1 | €7,147 | €6,987 | -€160 | -2.2% |
| Total equity and liabilities | 10/49 | €920,783 | €1,108,535 | +€187,752 | +20.4% |
| Equity | 10/15 | €294,357 | €329,462 | +€35,105 | +11.9% |
| Reserves | 13 | €159,545 | €194,650 | +€35,105 | +22.0% |
| Distributable reserves | 133 | €159,545 | €194,650 | +€35,105 | +22.0% |
| Profit (loss) carried forward | 14 | €134,812 | €134,812 | = | 0.0% |
| Amounts payable | 17/49 | €626,425 | €779,073 | +€152,647 | +24.4% |
| Amounts payable after more than one year | 17 | €546,603 | €674,050 | +€127,446 | +23.3% |
| Financial debts | 170/4 | €431,603 | €494,050 | +€62,446 | +14.5% |
| Other amounts payable | 178/9 | €115,000 | €180,000 | +€65,000 | +56.5% |
| Amounts payable within one year | 42/48 | €79,822 | €105,023 | +€25,201 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €38,004 | €41,131 | +€3,126 | +8.2% |
| Trade debts | 44 | - | €15,888 | +€15,888 | |
| Suppliers | 440/4 | - | €15,888 | +€15,888 | |
| Taxes, remuneration and social security | 45 | €41,818 | €18,004 | -€23,814 | -56.9% |
| Taxes | 450/3 | €40,468 | €16,654 | -€23,814 | -58.8% |
| Remuneration and social security | 454/9 | €1,350 | €1,350 | = | 0.0% |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,396 | €32,547 | +€14,151 | +76.9% |
| Other operating charges | 640/8 | €3,585 | €3,797 | +€213 | +5.9% |
| Gross operating margin | 9900 | €81,504 | €135,442 | +€53,938 | +66.2% |
| Operating profit (loss) | 9901 | €59,524 | €99,098 | +€39,574 | +66.5% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €18,585 | €19,906 | +€1,322 | +7.1% |
| Recurring financial charges | 65 | €18,585 | €19,906 | +€1,322 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €40,939 | €79,191 | +€38,252 | +93.4% |
| Income taxes | 67/77 | €12,163 | €14,086 | +€1,923 | +15.8% |
| Profit (loss) for the period | 9904 | €28,776 | €65,105 | +€36,329 | +126.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,776 | €65,105 | +€36,329 | +126.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.